Mar 31, 2014
I) BASIS OF ACCOUNTING
The financial statements have been prepaired on the basis of historical
cost convention in accordance with the General Accepted Accounting
Principles in India (Indian GAAP) to comply with the Accounting
Standards notified under Section 211(3C) of the Companies Act, 1956 and
the relevant provisions thereof.
ii) Regular item of other income and expenditure are recognised on
accrual basis
iii) Accounting for Taxes of Income:
Current Taxes
Provision for current Income-Tax is recognized in accordance with the
provisions of Indian Income -Tax Act,1961 and made annually based on
the tax liability after taking credit for tax allowances and
exemptions.
Deferred Tax Assets
Deferred Tax Assets and Liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for Income Taxes and the profits as per the Financial
Statements. Deferred Tax Assets and Liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted at the balance sheet date. Deferred Tax Assets are recognized
only to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet Date.
Mar 31, 2012
I) BASISOF ACCOUNTING
The financial statements have been prepared on the basis of historical
cost convention in accordance with the General Accepted Accounting
Principles in India (Indian GAAP) to comply with the Accounting
Standards notified under Section 21 l(3C)of the Companies Act, 1956and
the relevant provisions thereof.
ii) Regular item of other income and expenditure are recognized on
accrual basis
iii) Accounting for Taxes of Income:
Current Taxes
Provision for current Income-Tax is recognized in accordance with the
provisions of Indian Income -Tax Act, 1961 and made annually based on
the tax liability after taking credit for tax allowances and
exemptions.
Deferred Tax Assets
Deferred Tax Assets and Liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for Income Taxes and the profits as per the Financial
Statements.
Deferred Tax Assets and Liabilities are measured using the tax rates
and the tax laws that have been enacted or substantially enacted at the
balance sheet date. Deferred Tax Assets are recognized only to the
extent there is reasonable certainty that the assets can be realized in
the future. Deferred Tax Assets are reviewed as at each Balance Sheet
Date.
Mar 31, 2010
A) Accounting Convention : The financial statements are prepared under
historical cost convention, on going concern basis and in terms of the
Accounting Standards issued by the institute of Chartered Accountants
of India and in compilation with provisions of Companies Act, 1956. The
company follows the mercantile system of accounting and recognises
income and expenditure on accrual basis to the extent measurable and
where there is certainity of ultimate realisation in respect of
incomes. Accounting policies are consistent and in consonance with the
generally accepted accounting principles in India.
b) Investments : Long Term Investments are carried at cost.
c) Regular item of other income and expenditure are recognised on
accrual basis
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